Anyone who kept track of the real estate market in 2022 knows that it was a "Dog-Eat-Dog" world out there, as many buyers flocked to all home opportunities. They came in droves, arming their offers with slim to no contingencies, and lots of money over the list price. As a result, many buyers got pushed out of the market. With that said, there seems to be some sun out on the horizon for those looking to enter back into the market in 2023! Here are 3 great opportunities for buyers in 2023.
Opportunity #1: No More Panic Buying!
Gone are the days when you must put in an offer on the home of your dreams as soon as it hits the market waving contingencies, offering above the list price, and making hasty decisions. Oh yeah, while competing with other multiple offers ALL above list price.
Now that things have cooled off, buyers can NOW take time to not only complete their due diligence on their potential home purchase, but they don't have to overextend themselves on a home, jeopardizing their peace of mind or worse, their investment!
As we head into the new year, I am encouraging my clients who missed out last year, to start looking at getting back in. The competition is nowhere near that of 2022, and because of this, we can work together to make educated decisions that we can be confident in!
Opportunity #2: More Inventory! - Sort Of...
Now that the market has cooled off, we're noticing homes sitting on the market a little longer compared to 2022. The average number of days on market in most areas is 25-30 days. This means two things will begin to happen. First, inventory will slowly rise because of homes sitting longer on the market. Second, new construction will have a small opportunity to catch up to buyer demand. Unfortunately, this does create a "Chicken or the egg" situation with buyers slowly gaining motivation to get back into the market. As buyers enter back, this will, again expose an issue of inventory on the market. At the end of the day, this will come down to many factors but in the short term, there is more opportunity.
Opportunity #3: More Loan Programs - "Show Me the Money!"
Yes, I understand, interest rates have not been favorable the last 6 months, but that should not be the ONLY thing preventing you from becoming a homeowner. Luckily for you, the mortgage industry has taken a bit of a hit in business and has been forced to find creative solutions to attract business and more importantly, help thy neighbor.
Right now, lenders are offering an array of programs from, 2-1 Buy-Downs, First-Time Home Buyer programs, and many others. This helps you, the buyer, have more options and flexibility in finding the right financing for you.
If you need a trusted loan officer, please let me know!
The Bottom Line
Regardless of the external factors happening in the world, I am a firm believer that we always have the power of perception and action. We choose how we want to perceive any situation and decide what course of action we want to take toward the opportunity. Whether you're looking to buy a home today or years from now, it's never too late to start the process on the right foot. With the right guidance, anything is possible.